Faqs Bankruptcy Questions You Probably Have About Bankruptcy
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Faqs Bankruptcy Questions You Probably Have About Bankruptcy
Declaring personal bankruptcy is no laughing matter It’s a serious step that you will have to study carefully before making your decision, since filing Chapter 7 or Chapter 13 will affect your family’s finances for a long time to come That’s why this article will cover some frequently asked questions about bankruptcy . .How much does it cost to declare bankruptcy? . . .Well, at the time of this writing, the cost for Chapter 7 bankruptcy filing is $274, while Chapter 13 would cost you $189 Keep in mind this is only the court filing fee and does not include your legal fees . .Has the new bankruptcy law made it more difficult to declare bankruptcy? . .The new bankruptcy law passed in 2005 by Congress and signed by President George W Bush has made the process more complex However, contrary to popular misconception, bankruptcy is still available for many Americans who need help There are some changes such as mandatory credit counseling and having to go through something called a means test in order to determine your financial needs based on income and expenses This was supposed to keep people from abusing the bankruptcy process when they didn’t really need it . .Do you really need a lawyer to declare bankruptcy? . .Following up on the previous question regarding the new bankruptcy law, you have to understand the process has become more difficult You really need a good bankruptcy lawyer who has kept up with all the changes and can give you the best possible advice for your particular scenario Going it alone is really not a good option, and you should make sure that your attorney is paying attention to your needs and answering your particular questions Generic advice is not good enough . .There are many more questions that you probably have regarding bankruptcy, and you would do well to continue to research the process before visiting a lawyer This will help you become more informed so you can make better questions during your visit, and you may even save some money by not wasting time asking the most common questions Keep in mind that a lawyer charges by the hour, and saving money is a good idea if your situation is bad enough to consider bankruptcy .
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10 ways to protect your self from bankruptcy caused by prolonged illness.
Accidents and prolonged sickness can be a drain both emotionally as well as financially. Sometimes money crunch is caused by the inability to hold a job, or when the medical bills escalate and it becomes increasingly difficult to balance expenses. Further, medical insurance may prove insufficient or will not cover long term medications. Life has become such that one needs to think about and plan for any eventuality. Experts recommend the following: 1. Ask your doctor for samples of medication. 2. Often an older drug is effective and cheaper. Request the doctor to write a prescription for a drug that is more affordable. According to studies you can save up to 75% this way. 3. Find out the generic name of the medication and choose to purchase it instead of branded medication —the saving can amount to as much as 70%. 4. Very often companies sell higher dosages of medication for a marginally higher cost. Be prudent, buy the higher dosage and spilt the medication in half, one-third, or quarters. The savings you can make are almost 50 %. 5. Order 90-day supplies in bulk from discount mail order pharmacies or online services. The savings are considerable and many doctors help long term patients reduce costs by putting the patients in touch with distributors. 6. If a particular medication is very expensive ask the doctor to recommend a substitute. This is known as therapeutic substitution. 7. Do try comparison shopping. You will find that the same medication is priced differently in local pharmacies, online outlets, and chain stores. Online pharmacies like http://www.walgreens.com/, www.costco.com , or http://www.drugstore.com/ offer medications at affordable prices. 8. There are several patient-assistance programs that offer free or discounted medication to those who cannot afford long term illness. Companies like Merck have programs that benefit uninsured patients. Medicines are given at discounts of 10-40%. 9. If you or a family member travels frequently you could buy your medicines abroad. Often the same medicine manufactured by the same company is much cheaper overseas. One can also order medicine by mail from Canada where medicines cost 30-50% less than the US. But do check the laws before you attempt this. 10. Start a health saving account where you can save pre tax dollars towards unforeseen medical expenses. This has a high deductible. Find out if you or other family members are eligible. Use an insurance broker who always thinks of you. He must keep you updated on all new developments as far as health schemes are concerned and make sure you reap all the benefits of the insurance scheme. You could also consider a critical illness policy in addition to a regular health insurance. Paul Wilson is a freelance writer for http://www.1888Discuss.com/home-improvement/ , the premier REVENUE SHARING discussion forum for Home Improvements Forum including topics on buying, selling and insuring, automobile, electronics and more. He also freelances for submit free press release http://www.1888PressRelease.com/Legal-0-23.html
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Bankruptcy Around the World
Wherever you go in the world, finance is a language that is spoken fluently by some, and a completely indecipherable one for others There is such a wide range of topics connected with finance that a strong command of rules, regulations and options coupled with an ability to recognize money-making opportunities can bestow real purchase power upon an individual However, the world of finance is so fast-moving that if you take your eye off the situation for even a moment, you can end up in serious difficulties No matter where you are in the world, the circumstances that lead to bankruptcy exist And where the circumstances exist, so does the practice Just like in America, people go bankrupt all over the world Many of the practices are much the same - but there are some differences . .In Australia, for example, the process of filing for bankruptcy is largely similar to that in the United States You can commence proceedings yourself, or it can be the subject of a petition from a creditor looking to realize some of their asset - your bad debt - before you become a “won’t pay” customer However, a bankruptcy term in Australia is three years, but with the potential to pay it out If, before the three-year period is up, you can pay the debts off in full the bankruptcy will be annulled This encourages individuals to see bankruptcy as an opportunity to learn sound financial practice It is also possible to raise an Offer of Composition, which pays each creditor a certain percentage of what they are owed If they accept the settlement, the bankruptcy can again be annulled . .In Canada, it is possible to file a consumer proposal as an alternative to bankruptcy if your debt amounts to more than $5,000 and less than $75,000 The higher figure does not include the mortgage on the debtor’s home For debts larger than $75,000, it is necessary to file for bankruptcy under which there are additional rules and requirements, which include the appointment of a “Proposal Administrator” who is given the task of overseeing the debt to ensure that it is fully analyzed In many cases, creditors will choose to accept the consumer proposal even though it generally entails paying a reduced amount, because they will receive less under bankruptcy rules . .In the United Kingdom the Enterprise Act of 2002 made it possible for a bankruptcy to last less than 12 months This has led to a larger number of people filing for bankruptcy and a suspicion that many of those filing are people for whom bankruptcy is simply another financial service However, the banks themselves are markedly reluctant to lend money to a recently bankrupt individual, and in most cases it will take six years for bankruptcy to roll off an individual’s credit record, making it virtually impossible to get credit on anything resembling reasonable terms While some lenders have begun to offer loans and credit cards at prohibitive rates of interest, individuals are strongly discouraged from taking them . .Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter .
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